On Feb. 13, 2025, EU CMSN issued final Reg 2025/294 on complaints handling in OJ.
Regulation in force on 20th day after publication in the Official Journal, Mar. 5, 2025.
On Jul. 12, ESMA issued consultation on 1st MiCA technical standards.
ESMA published its first consultation package under the Markets in Crypto-Assets Regulation (MiCA) on proposed rules for crypto-asset service providers (CASPs).
ESMA has been empowered to develop technical standards and guidelines specifying certain provisions of MiCA, will publish three consultation packages to facilitate this.
To be issued Jul. 2023, Oct. 2023, Q1 2024, this is first of these consultation papers.
First Package
Proposes technical standards on: content, forms and templates for notification by certain financial entities; content, forms and templates for the authorization of CASPs.
CASPs complaint handling procedure; identification, prevention, disclosure of conflicts of interest by CASPs; assessment of intended acquisition of qualifying holdings rules.
ESMA also aims to gather more insight on respondents' current and planned activities in order to better understand EU cryptoasset markets and their future development.
Asks for input on expected turnover of respondents, number of white papers they plan to publish, use of on-chain v off-chain trading, these responses will stay confidential.
Information will be used to calibrate proposals in 2nd and 3rd consultation packages.
Next Steps
Working on remaining mandates, aiming for 2nd consultation package Oct. 2023.
Provided further information on ESMA's approach to MiCA implementing measures.
Effectiveness
Closing date for responses to the consultation is Sep. 20, 2023, ESMA expects to issue final report, submit draft technical standards for EC endorsement by Jun. 30, 2024.
In Jul. 2023, EBA issued draft RTS on complaints handling under MiCA, see #179229.
In Nov. 2023, EU ESMA issued Verena Ross' speech at Malta FSA forum, #191830.
Mar. 25, 2024 Final Report on First Package
On Mar. 25, 2024, EU ESMA issued first final report on MiCA standards in first package.
Report sets out feedback statements on 5 of the 6 draft technical standards re investor protection topics included in consultation, along with the draft technical standards.
And notes any changes to the consultation versions of the technical standards.
Final report on technical standards on CASPs conflicts of interests to be issued later.
The draft technical standards published cover: the information required for CASPs authorization; information for notification of intent to provide crypto-asset services.
Information required for the assessment of intended acquisition of a qualifying holding in a CASP, and complaint handling processes and procedures for CASPs under MiCA.
The draft technical standards are submitted to EU CMSN for adoption, which shall decide whether to adopt the technical standards within 3 months.
May 31, 2024 Final Report RTS on Conflicts of Interest
On May 31, 2024, EU ESMA issued final report on draft RTS on conflicts of interest of CASPs under MiCA, part of ESMA first consultation package on proposed CASP rules.
The draft RTS in the report aim to clarify elements in relation to vertical integration of CASPs and to further align with EU EBA rules applying to asset-backed token issuers.
The draft RTS also contain updates on requirements for policies and procedures for identification, prevention, management, disclosure of conflicts of interest considering the scale, the nature and the range of crypto-asset services provided by the CASPs.
And details and methodology for the content of the disclosures of conflicts of interest.
ESMA has sent the final report to EU CMSN and will provide further guidance if needed.
EU CMSN shall decide whether to adopt the technical standards within 3 months.
On Oct. 1, 2024, EU CMSN adopted Regulation (C(2024)6682) supplementing EU Reg 2023/1114 with regard to regulatory technical standards specifying requirements, templates and procedures for handling of complaints by crypto-asset service providers.
Delegated Regulation enters into force on 20th day following its publication in EU OJ.
On Nov. 5, 2024, EU CMSN issued adopted RTS specifying information to be included in an application for authorization as a crypto-asset service provider (C(2024)6904).
Also issued adopted RTS specifying the information to be included by certain financial entities in the notification of intention to provide crypto-asset services (C(2024)6903).
Regulations in force on the 20th day following their publication in the Official Journal.
Also adopted ITS on standard forms, templates and procedures for the notification by certain financial entities of intention to provide crypto-asset services (C(2024)7542).
And ITS on standard forms, templates and procedures for the information to be included in application for authorization as crypto-asset provider (C(2024)7536).
However, the texts of the ITS were not published on the EU CMSN website.
Subject to scrutiny period, usually 2 months, during which EP and council may object.
Dec. 2024 Qualifying Holding Acquisition
On Dec. 18, 2024, EU CMSN adopted RTS (C(2024)6907) on content of information necessary to carry out assessment of an acquisition of a qualifying holding in CASP.
Regulation in force on the twentieth day following that of publication in Official Journal.
In Jan. 2025, ESMA issued opinion on CASPs conflicts of interest RTS, see #241614.
Feb. 2025 Complaints Handling OJ
On Feb. 13, 2025, EU CMSN issued final Reg 2025/294 on complaints handling in OJ.
Regulation in force on 20th day after publication in the Official Journal, Mar. 5, 2025.
